CAD/CHF: Ichimoku clouds 29 March 2018, 08:07

CAD/CHF: Ichimoku clouds

29 March 2018, 08:07

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.7396
Take Profit	0.7419
Stop Loss	0.7378
Key Levels	0.7334, 0.7403, 0.7444

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Tenkan-sen line (0.7378). One of the previous maximums of Chikou Span line is expected to be a resistance level (0.7403).



On the daily chart Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is crossing the price chart from below, current cloud is descending. The instrument has broken through Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (0.7334). The closest resistance level is the upper border of the cloud (0.7444).

On the four-hour chart the instrument is still rising. On the daily chart we can see the beginning of the trend reversal. It is recommended to open long positions at current price with Take Profit at the level of previous maximum of Chikou Span (0.7419) line and Stop Loss at the level of Kijun-sen line (0.7378).